10th week in the green for crypto products

The crypto investment products recorded entries totalling 176 million dollars last week. More than 1.7 billion dollars flowed in over the last 10 weeks.

This Monday, the crypto specialist manager CoinShares indicated that institutional crypto products had recorded inflows of $176 million last week.

This is the 10th positive week. During this period, $1.76 billion entered products offered by Grayscale, ProShares and Purpose. A level of inflows not seen since the launch in the US of the first futures ETF in October 2021, according to the British company, which adds that total assets under management increased by 107% in 2023.

At $46.2 billion, it remains well below the all-time high of $86.6 billion seen in 2021″, CoinShares nevertheless pointed out, indicating that ETP trading volumes remained high at $2.6 billion for the week.

In detail, Bitcoin (BTC) recorded inflows of $133 million last week, while Ethereum (ETH) recorded inflows of $31 million. The altcoins SOL, XRP and ADA were in the green, unlike LTC, which posted outflows of $0.2 million.

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CoinShares also notes that blockchain-related stocks have recorded 7 consecutive weeks of inflows. “Last week’s inflow of $17.4 million being the largest since July 2022,” it wrote.

Regionally, Canada, Germany and the US are leading the way.

Buoyed by several factors, including the potential approval of a spot Bitcoin ETF, the price of BTC surpassed the key $40,000 level on Monday and is currently flirting with $42,000.

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